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ETH An Ethereum upgrade is imminent, and data on the chain is firm, analysts are bullish
Ethereum (ETH)\'s current trading price is down nearly 65% from its all-time high, and market attention to the asset has also fallen to a nearly one-year low, although its largest network upgrade since the \"merger\" will come in weeks. But one analyst who tracks market trends pointed out the gap between sluggish social media popularity and stable use on the chain, a divergence that often precedes sharp fluctuations in cryptocurrency prices.
Glamestead is upgraded soon, and data on the chain remains firm.
pseudonym analyst Wise Crypto posted on the X platform on July 9, pointing out that although the volume of social media discussions is close to the annual low, the number of daily active addresses on the Ethereum network remains at approximately 450,000. He believes that the upcoming GlamAmsterdam upgrade could be a major catalyst, as it is expected to triple Ethereum\'s Gas cap and reduce transaction fees by about 78%. In addition, it is reported that the upgraded network throughput can reach about 10,000 transactions per second.
\"Major catalyst, but little attention.\" The market observer wrote, while pointing out that $1754 is a key price for ETH to pay attention to. He believes that if we continue to stand above this level, the price is expected to move towards US$2440; and if we fail to hold support, the world\'s second-largest crypto asset may fall back to around US$880.
According to CoinGecko data, as of the time of writing, ETH was trading slightly below the resistance level mentioned by Wise Crypto, falling slightly by about 1% in 24 hours, but it still rose nearly 7% in the past week and about 3% in the past 30 days.
Against a calm market backdrop, CryptoQuant contributor Amr Taha shared some unusual exchange data. He mentioned that earlier this week, Binance\'s 30-day ETH open interest fell to-594,000 ETH, the largest decline since August 2024. At the same time, ETH spot trading volume on OKX soared to US$2.09 billion, 49% higher than the annual high set on February 5 this year.
According to Taha\'s analysis, this combination is worthy of attention, because the spot trading volume increases while leveraged positions are being liquidated, which may mean that speculators are leaving the market while spot buyers are still adding to their positions in ETH. This is not a complete retreat from the market.
Executives look at multiple cycles, traders remain cautious
Ethereum was blocked at the $1800 mark three times this week, but Consensus sys co-founder Joseph Lubin said on Wednesday that \"the summer of Ethereum is heating up.\" He mentioned that newly established management teams such as Ethlabs are working with the Ethereum Foundation, and pointed out that the stable operation of the network for 11 consecutive years is attractive to organizations.
Analyst Michaël van de Poppe expressed similar views over the weekend. He believes that after ETH fell more than 20% for three consecutive quarters (a record),\"the worst period for Ethereum is over.\" He called the probability of a fourth consecutive quarter of decline statistically low and pointed out that the upcoming CLARITY Act could become a liquidity driver.
